Canada’s housing market ‘teeters’
The Financial Times is warning that Canada’s housing market is “perched precariously at its peak.”
The publication has taken a close look at what some observers say is among the frothiest markets in the world, citing the cranes that dot Toronto’s skyline and the record debt burden of Canadian families.
In an article headlined “Canada’s housing market teeters precariously,” the news organization quotes economist David Madani of Capital Economics, who has been warning for some time now that residential real estate is heading for its day of reckoning, and has been out of line with other economists.
Others believe the market has staying power, having rebounded from the slump that began in the summer of 2012 when Finance Minister Jim Flaherty moved to head off a bubble with another round of mortgage insurance restrictions.
At least some of that is believed to be related to expectations of further mortgage rate increases, so that sales are being pushed forward as buyers move before they otherwise would.
Read More http://www.theglobeandmail.com/
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